7 cures to a lean Bank Account for young Leaders as told By George Classon
Do you look at your bank account and begin to sweat?
Or whenever you get alert, you’re sure it’s your banks SMS deduction.
If your bank account could talk to you, what would your conversation be like?
Behold 7 cures to fatten your bank account. They work like voodoo.
As a Leader, you need them.
You gotta save
George said 1/10 of all you earn is yours to keep, but I’ll say you can’t blow like that, take a step of faith further by increasing that to, let’s say 20%. Funny enough the remaining 80% will still be sufficient for you to spend, because you’ll naturally adjust to your income, of course I’m assuming you know you shouldn’t engage in bad debt *bad debt is the debt incurred to meet liabilities or offset assets.
It doesn’t generate any income to you, neither does it help reduce your tax, it just help meet temporary needs, wants and in turn create more expenses * I’m no economist but the Pakistan law will always find its way. The Happy economist will gladly explain that further to you.
That’s why you’re to save first, then spend what’s left not spend first then save what is left (you’ll never save anything like that, except you’re Bill Gates and the likes. Too much money)
If you really want to cure your low bank account disease, what better way than to leave some money in the account, it’s just logical you wouldn’t need a scientist to explain that to you? How to increase the money would be discussed subsequently but I how this make logic sense. SAVE!
Control your expenditure
It seem all I’ve been saying is logic stuff, you can’t keep spending all you get and expect to be rich, if you think I’m Lying ask the poor man close to you (how did I know there’s a poor man near you, because they are plenty and everywhere).
Poor people spend all they get on expenses, Mathew Ashimolowo the lead pastor of KICC said even if you see Jesus face to face like this and spend time with him, if you don’t know how to manage money you’ll still be poor.
How do you control your expenditure?
Live on a budget: budget all that you intend to spend in a month or week or even daily, and stick to it, maintain the discipline *that’s if you want to be rich* I can’t force it on you.
draw a budget for the week and stick to it
Author: Victor Adeyemo
Victor Adeyemo is a Leadership and high performance coach, an Event decorator and MC. He is the team leader of Leaders Digest